Property Accountant

Title: Property Accountant

Location: Chicago, IL

Job Summary: Each Property is a business unit. The Property Manager is the head of the business unit. The Property Accountant has a wide range of responsibilities with the overall goal of providing effective fiscal management and reporting for each individual property, ensuring that the property’s valuation, cash position, and operating results are protected, enhanced, and maximized. The Property Accountant supports the Property Manager by ensuring the property’s accounting integrity and providing quality control to ensure consistent, standard, businesslike reports ensuring that the accounting systems support the clients’ needs, KWP’s reputation, and that the properties are knowledgeable and prepared for accounting initiatives.

The Controller will support the Property Accountant in addressing and resolving concerns or conflicting demands.

While other duties may be assigned, essential duties and responsibilities:

Key Duties:

MAINTAINING ACCOUNTING INTEGRITY – QUALITY CONTROL

Coordinate the management level review and preparation of monthly, quarterly, and annual reports submitted to senior management, clients, investors, and other parties.

REPORTING: ON-GOING AND MONTHLY

1.

a. Review for tenancy changes, move-ins, move-outs

b. Conduct mini audits, as needed, or requested.

2.

Prepare variance templates, identify areas of possible concern, missing accruals, trends, potential impact on the overall goals of the property, review and verify capital expenditures, ensuring potential cost overruns are promptly identified.

a. Upon return from the PM. Verify variance explanations have standardized language and tone; the comments should support the financials and have a business-like presentation.

3.

a. Monitor all bank accounts daily, reconciliation and identify trends and or problems. Report stale checks to the property manager.

4.

a. Timely AP Processing through Yardi Procure to Pay/Full Service.

b. Set up new vendors when submitted by PM.

c. Confirm accuracy of payments and proper expense accounts.

d. Work with the PM to ensure timely payment of Mortgages, Real Estate Taxes, and Insurance.

5.

a. Evaluate Aged AR reports, including balances and comments. Work with Controller in addressing significant issues and potential write-offs.

b. Review A/R aging reports and the nature/timing of all adjustments.

c. Review and approve all tenant charge adjustments and security deposit refunds prior to month end.

6.

a. Process all manual journal entries.

b. Review monthly General Ledger and Trial Balance to ensure accuracy of all journal entries and month end balances.

c. Confirm Security Deposit Liability account and verify with property staff that all security deposits are properly recorded.

7.

a. Cash and/or Accrual Basis depending on the owner’s requirements.

b. As required by certain management agreements, compile, review and distribute monthly accounting packages to ownership.

c. Determine cash distributions to ownership or contributions as required.

d. Reconcile all general ledger cash accounts (receipts net of expenditures), including reserve accounts.

e. Maintain balance sheet support schedules.

ADDITIONAL REPORTING:

Support Property Management team as needed with reserves, CAM reconciliations, and annual budget process from initial scheduling to final distribution of an accurate and complete package to ownership or their representative.

1.

a. Review to ensure that proper draws have been processed and properly classified for rent supplements, maintenance, real estate taxes etc.

2.

a. Assist Property Manager as needed with the Annual CAM/Operating Expense Reconciliation process, including final approval of expense pools and verification of tenant adjustments.

b. Assist Property Manager with tenant audits.

3.

a. Coordinate and complete the timely submission of accurate information from the property management team.

b. Ensure a complete and comprehensive budget package upon which the property’s management goals for the coming year will be based and results will be measured against. This information must also be consistent with the client/ownership goals and requirements.

a. Determine internal schedule for each phase of the budget process to achieve timely submission required by the specific property management contracts.

a. Perform thorough and comprehensive review of operating expense forecasts and budgets as prepared by PM to ensure accuracy and consistency with investment goals.

b. Confirm variances and forecast changes.

c. Provide specific data (expenses, taxes, insurance, debt, etc.) to each property.

d. Review PM’s variance analysis for each expense account.

a. Assist PM with preparation of forecast and budget.

b. Verify Expense Pools as prepared by PM.

c. Review CAM/Operation Expense Recovery section.

d. Review “Other Income” as prepared by PM.

a. Review Building Improvement forecasts and budgets prepared by management, leasing, and construction staff.

b. Verify Tenant Improvement and Commission forecasts and budgets prepared by PM.

c. Verify budget file is properly formatted.

d. Evaluate cash flow requirements as required for significant capital projects.

e. Review variance analysis for each capital account and ensure consistency with remainder of the plan.

a. Verify that all items are provided and properly presented within the draft budget packages.

b. Review, evaluate, and verify that the Budget Narrative properly explains each income item, key expense variances, and all capital items.

c. Ensure revisions to the budgets and presentation are correctly processed by the PM as requested by SMD or Controller and/or client.

d. Ensure final approval is obtained from the owner and/or its representative prior to uploading file.

e. Upload budget to accounting software.

4.

1.

a. Conduct internal audits as necessary, not less frequently than annually.

2.

a. Anticipate budget variances, which may result in reduced cash flow as compared to budget (short-term) or a capital call.

b. Prepare short-term or long-term projection of cash flow requirements, as needed.

3.

a. Special projects and processes may be required.

b. Other duties as assigned.

SYSTEMS:

A. Maintain a working knowledge of standard procedures and computer applications to support divisional, regional and property level staff.

B. Maintain working knowledge of all financial-related systems and provide resource assistance to on-site staff for resolving system-related issues.

LEADERSHIP:

A. Monitor financial responsiveness of managers and on-site accounting staff to ensure policies and procedures are adhered to accordingly.

B. Assist Controller with training of on-site staff as needed on financial systems and processes.

C. In the event a Property Manager fails to respond to the Property Accountants’ direction, and they cannot maintain accurate and timely reporting, the Property Accountant will advise the Controller and/or CFO. The Property Accountant and Controller will work together to resolve the issue.

Skills and Experience:

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.

· Four-year Accounting Degree and minimum four-five years’ real estate accounting experience required.

· Property management accounting experience required w/retail experience required.

· Computer literacy required (Microsoft Office, Yardi, MRI)

· Customer service orientated.

· Analytical approach to problem solving.

· Strong oral and written communication skills.

· Ability to function in a team environment.

· Infrequent travel required

PHYSICAL DEMANDS:

The physical demands described here are representative of those that must be met by an employee to perform the essential functions of this job successfully.

Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.

While performing the duties of the job, the employee is regularly required to talk, hear, stand sit, walk, use hands and fingers to handle or feel objects, operate tools or controls, operate office equipment, and reach with hands and arms. The employee may occasionally lift and/or move up to ten (10) pounds, responsible for filing and boxing annual files.

Job Type: Full-time

Salary: $80,000-90,000

About KWP Real Estate:

KWP Real Estate is a leading provider of real estate advisory services, specializing in commercial brokerage and property management. Headquartered in Beverly Hills, the firm serves institutional and private capital owners and occupiers across the country. For more information visit www.kwprealestate.com.

Pay: $80,000.00 - $90,000.00 per year

Benefits:

• 401(k)
• 401(k) matching
• Dental insurance
• Disability insurance
• Employee assistance program
• Flexible spending account
• Health insurance
• Health savings account
• Life insurance
• Paid time off
• Parental leave
• Vision insurance

Work Location: In person